Silver Price Analysis: XAG/USD clashes with resistance around $23.30s amid a downward bias

Silver prices wrestle with a $23.37 resistance, nudging the XAG/USD towards daily lows as sellers eye lower targets amidst bearish indicators.
Despite achieving a double-top objective, XAG/USD continues to face downward pressure; a fall below $23.00 could spur further losses.
Overcoming the 100-day EMA at $23.46 could set the XAG/USD against resistances at $23.50 and the $23.90/$23.97 EMA intersection, eventually aiming for $24.00.

Christian Borjon Valencia FXStreet

Silver price faces solid resistance around the $23.37 area as the 100-day Exponential Moving Average (EMA) sits around $23.46, pushing the XAG/USD spot price toward its daily lows of $23.15, with sellers eyeing lower prices. In addition, technical indicators turned bearish, with further downward action expected. At the time of writing, the XAG/USD is trading at $23.16.

XAG/USD Price Analysis: Technical outlook

From a technical point of view, XAG/USD is neutral to downward biased, capped on the upside by strong resistance levels. Even though the double-top measured objective was achieved on May 25, piercing below the $23.00 figure, downward pressure continues to mount on the white metal. Nevertheless, last Friday, profit-taking by sellers lifted the XAG/USD above $23.00.

The XAG/USD must drop below the $23.00 mark for a bearish continuation. A breach of the latter will expose the last week's low of $22.68, followed by the March 21 low of $22.14. that could exacerbate further losses toward the $22.00 figure.

In contrast, if XAG/USD pierces the 100-day EMA at $23.46, the next line resistance would be $23.50, followed by the intersection of the 20 and 50-day EMAs at $23.90/$23.97, immediately followed by $24.00.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.18
Today Daily Change	-0.13
Today Daily Change %	-0.56
Today daily open	23.31

Trends
Daily SMA20	24.38
Daily SMA50	24.37
Daily SMA100	23.37
Daily SMA200	22.01

Levels
Previous Daily High	23.34
Previous Daily Low	22.68
Previous Weekly High	23.92
Previous Weekly Low	22.68
Previous Monthly High	26.09
Previous Monthly Low	23.57
Daily Fibonacci 38.2%	23.09
Daily Fibonacci 61.8%	22.93
Daily Pivot Point S1	22.88
Daily Pivot Point S2	22.46
Daily Pivot Point S3	22.23
Daily Pivot Point R1	23.54
Daily Pivot Point R2	23.77
Daily Pivot Point R3	24.19

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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